Reply To: Creation Financial Services bashing

[JDB]

@Dan Hurley the problem for Creation was the sheer quantum of the transactions. Many people weren’t just depositing money at NS&I, but shortly thereafter taking it out and then re depositing the same sum, rinse and repeat. They were also paying off other credit cards with their Creation card, topping up Revolut cards etc. so overall some people were circulating hundreds of thousands and even millions and inappropriately making cash type transactions at a big cost to Creation. Obviously, Creation should have spotted this much earlier and enforced terms re cash advances. The economics of these cards are based on some sort of average spending expectation and the hope they will pick up some other fees, so the cost to Creation of this activity was huge.